Are You an Independent or Dependent Trader?

Find out if you’re considered to be an independent trader or a dependent trader. Being an independent trader means you trust yourself and your trade plan. That you have enough independent knowledge to make an advised decision. Being a dependent trader means allowing outside factors or new information to influence you to deviate from your trade plan.

Key Takeaways:

Trading is a profession that favors independence.

Dependent traders tend to deviate from their trading plan based on other people’s opinion.

Independent traders trust themselves and do not deviate from their trading plan by listening to outside views or seeking outside counsel about their trades.

“You see a good trade setup form in the market that agrees with your methodology, and you’re ready to set up the trade.”